Industrial supplier acquires Missouri motor company
Fort Wayne-based 3BG, a supplier of industrial products such as bearings, gears and electric motors, has completed its acquisition of Controls and Electric Motor Co., a provider of motors, drives and pumps located in southwest Missouri. Financial details of the purchase were not disclosed.
3BG, short for 3 Bald Guys, announced in 2019 it secured a multi-million-dollar investment led by Plymouth Group Partners and a co-investment from Elevate Ventures in Indianapolis.
The company says the investors continue to support its growth with a recent capital raise of $2.5 million.
3BG says CEMCO has 20 employees, and there were no job losses as a result of the acquisition. The Fort Wayne company says it plans to keep the Missouri facility in operation and intends to expand operations.
With the acquisition, 3BG’s total headcount is now around 70, and plans to increase staffing to 85 by the end of the year.